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iphone5 saying put your money with apple, not rent. liz: look at the home builders, the home builders doing unbelievely well. bells clanging on wall street. let's see how stocks finish up. could notch out the game for the dow and s&p. flat for s&p, slightly lower, nasdaq, close to that 14-year high. perspective, we have to give it to you, a great year for the nasdaq, and tacking on another half of percent. david: i mentioned gold, and we had a major shift, by the by th, in the past 46 hours here, gold shifting $40, ending the day up, but, again, it had a down moment on thursday, went down to 1760, and then switched to oil. you want to talk about commodities, look at one week chart of oil if we can.
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there's the day, it ended up, but it was down, still, over 6% for the whole week, and look at that big drop. s first big drop monday, a 3 #% change within 20 minutes. we still don't know exactly what was going on there. we'll be talking about it a little later on with andy in the hour, and then wednesday, a much bigger drop over a longer period of time, but the bottom line for oil was over 6% drop for the whole week. liz: speaking of oil, let's see how the names dependent on energy did. the dow jones transports, down about 51%. lowered by one full percentage points, but the dows jones construction etf, and we mention that because of the home builders, and there's a four year high, an interday chart, but what's interesting to see is if you stretched it out, you e this finally looks like it's getting a lot healthier. speaking of construction, let's look at home depot. that's at a 12-year high right
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now, up another quarter of a percent today, but $59.42, could it be the bottom in the market we're looking for? david: we're praying and wrapping up a big week for you. liz: a street fight you won't believe. actually turning bullish. david: what? liz: why the change of heart. stick around for this. david: all right. first, we have to tell you what drove the markets today with the data down load. a mixed bag on wall street, dow losing gains in the last few minutes of trading, telecom and health care the biggest, and financials lagged. all three insexies lowers. rallying more than 3% and big changes to the dow jones industrial average starting monday kraft is no longer a
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member to be replaced by united health ticket, urnh. we'll see how that changes the index. liz: scott bower in the pits. enjoying opportunities in europe, and joe hider is bullish on the u.s.. starting with scott in the pits of the cme, closing a week with quadruple, in future options, other financial instruments, what's it look like going in the close? >> looked to be a tired market right now. we sold off in the last 15-20 minutes. the entire day, trading was brisk in a tight range across the entire floor here across all commodities. we saw that in cattle, hogs, actually in the oil market, everywhere. risk trading, but tight markets. what's that signaling, not only just to me, but the guys behind me and driving the s&p market, is, again, like i spoke with you guys over the last couple
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fridays, nobody wants to be short in the market. after the rally last week, there was no pull back. they don't want to be short here. with the pigs trading where it is, under 14, boy, oh, boy, protection is cheap out there. david: if i can put a fine point, scott, last week's gains held, and that means the rail -- rally's not over; is that right? >> yeah, i wholeheartedly agree with that. next week, we have really the start of corporate earnings. we have the big announcement, supposedly, coming out of spain later in the week, but, you know, heading into that, we already had some disappointments. we already had some downgrades and lower guy lance. nobody seems to care. i really think this market does have steam and legs behind it. we'll probably going higher next week. liz: you can fight the fed, and you'll lose money at this point. scott, over the next couping weeks, what's the running theme?
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europe settled down for once. >> right. hopefully we get a focus back on corporate earnings, back to america. some of the downgrades and some of the poor guidance seen lately, hopefully there's a change and a reversal, but what i see is all of these kind of guidances for the fourth quarters that have been lowered, when we get to next cycle's earnings, boy, oh, boy, the numbers are low, and corporate earnings should be blow outs at the end of the year. corporate earnings come out next week, wholeheartedly the focus, but, you know, the spain thing, i think that's out on the 27th of next week, that's already baked in here m -- that's, like you said, europe's behind us. liz: scott, thank you. we'll go back to scott to let us know how monday looks. thank you. david: not done with scott, but meanwhile, the chief market strategist, joe hider, managing
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principle for the ohio region. dave, first to you. you think the market may go higher, but there's been tremendous gains, time to take profits now; correct? >> i think that's right. we've had a huge run since the middle of june. we got a final little blow off after the feds' announcement. it's a period where there's going to be a void of good policy nudes -- news now until we know what happens with the legs. what i say is if you had a nice run up, and you participated in this rally, take profits, trim the risk exposure back to neutral, and don't get out of the market by any means, but the good news is priced in. liz: wait, wait, rewriting history, david? with respect you on the show months ago saying i feel terrible about something's going to happen? i'm out. i'm going to be in treasuries or not stocks at the moment. you were nervous months ago. >> i did. that was in june, and right after that, we had, in july, the
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ecb come out and say, first of all, we'll do what it takes to defend the euro, and then ben bernanke launched qe3, made it clear in the jackson hole speech. between the time i was focused on treasuries and this rally, we've had policy, and as you said, you can't bite the fed. david: joe, what's wrong taking profits off the table right now? >> well, there's never anything wrong with taking profits off the table, but the bottom line is we believe that the market's going to go higher. you know, if you look at the economy, we're in that plow horse recovery type of situation. we think large cap u.s. equities are poised to go higher. corporate cash is at still very high. profits are high. we think the opportunity continues to be very strong in the united states, and we think
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larger caps are the place to be. liz: where in the larger cap space? are there particular sectors you like? particular names? >> well, within the large cap, we believe in a broader based investment strategy, well diversified. a couple of sectors we like is health care and the other is real estate despite huge runups with home builders. we think that recovery is just at its infancy, and really won't peak out for another four or five years in the real estate market. a couple sectors we think have real legs to grow much higher. david: david, back to you. we have a credit crunch going on. the fed, both the fed and politicians, try to make sure we don't have the same kind of bubble in housing we did before. large companies can get around this in a way small companies can't going directly into the markets themselves. for that reason, would you prefer a large cap company over
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a small cap company right now? >> yes, absolutely. for the reasons you cite. number one, they do have access to credit. number two, they do have strong balance sheets, clean, and a lot of cash, and they can diversify revenue exposure by geography if there's improvement in other parts of the world, and, so, yeah, large caps are the place to be. i agree that real estate is likely to be a beneficiary of all of this because the fed is engineering negative real interest rates, a great environment for real estate and hard assets. liz: is there a commodity you like? >> i actually, although i'm generally not a fan of gold, i actually think with lose monetary policy, i think the fed made a very clear that inflation is secretary to job growth so i think a small hedge in gold right now is not a bad idea at all. david: liz has not sold hers?
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liz: i have not. david: i'm never selling mine either. thank you very much, gentlemen. liz: you never know when you have to escape the country, daifd. david: you never know when you might need it. liz: people lining up in stores around the world, but are there kings in apple's armor that could stump the rise? we'll talk about that next. david: talking about the map app. map app and other problems. what happens if radical islamic protests hit the heart of the oil producers? could we be in for another crisis like the 1970 #s oil embargo? we have top oil analysts to give us their take. liz: recalls for general motors today, yes, which models are affected coming up on "after the bell." david: it's a good show. ♪
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liz: in one minute, s&p futures close. let's go back to scott bower at the cme group to give us a sense of what you are seeing at this minute. >> we are seeing everyone that had been a little bit short in the end of the market covering everything. again, i just spoke to five or six of the traders. they are all of the mine sets this market has nowhere to go in the short run other than up. nobody's short. everyonements the cover, especially after we saw china down 4.5% this week. nobody wants to go into the weekend and maybe see some sort of recover fry from china. the theme here is just be long. a lot said going into the election. i don't know if i would go that far out, but at least in the short run here, nobody here. s to buck the trend. david: good stuff. thank you very much. have a great weekend. appreciate it. >> same to you guys. david: obesity -- antiobesity drug maker closing down double
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digits. nicole is object on -- on the floor for the details. >> trying to work on medications for obesity, and some sold off, down 11% in trading, and that is because they are anticipating over in europe that the commission will show disapproval and not actually recommend that their drugs move forward, and so if that's the case, than vivus would reapply. they obviously want to be able to help folks in europe despite obesity. now, over in europe, of course, it's been well noted that in europe, they don't have the obesity problem we do here in the states, and that may be one of the reasons why the european commission may not approve their drug. back to you. david: see you, nicole. thank you very much. have a great weekend. liz: apple shares, david always watches. david: apple shares, we got it.
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this is it. it is the apple 5. liz: new all time highs because of that, fans lined up worldwide to get hands, their little paws on the brand new iphone 5. david: can we come into the studio and show this? this really is extraordinary thin. i mean, it's 20% thinner. you know, your hands are tactile that you can really feel the difference immediately. in fact, it's also 20% lighterrings and it feels lighter, but not all fans are cheering for this as apple faces a huge mess over the new map app. joining me is the author of "inside apple," and, again, adam, for the moment, focusing on the heft of the thing, it feels like a phony mockup rather than the real thing because you're used to it being heavier, and it's nicely thinned out, but bottom line is the new app dealing with maps is causing a lot of consternation. does that force people delay
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purchasing it until they straighten that out? >> well, i think, david, your visual of the people waiting in line answers the question. first of all, on the thinness, technologists say it's an extraordinary feat to do what the last phone could do and more, but to put it in the tiny light and stretched packages is, you know, moving mountains in the technology world. i've seen quite a few of these before. the tide could turn. for now, i think, this maps fiasco is probably a temperature pus in the teapot. people like complaining about the one thing they don't like for app the products but they bay them. apple fixes this, improves it, and they will get a stand alone eye. it's a black eye, not a heart attack. liz: on the screen -- it was, but indiana university, as it pertains when it comes to directions to the apple map, and
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then to the right is the google maps. so much more detail. can we flip that over to martha's vineyard. we did one there. you can see with google where the actual parkland is and there's much more detail. these two companies, how sort of hateful are they towards each other? they used to have a decent relationship, but now it's competitive. >> they did. apple screwed up this round as you show. mapping is really, really difficult. you know, the world's a messy place, changes a lot, and the people doing online mapping for longer have a better handle on it than the people who have been doing it for a shorter period of time, and the latter there, would be apple, liz, and, yeah, this is is a major potential driver of advertising, and apple has been so furious with google that this is -- for what they perceived as copying the iphone and android phones.
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this is one of the areas that apple targets that is a potentially big profit center for google and clearly they didn't get it right. david: all right. the two mane competitors now, blackberry, we, of course, having a terrible day with the blackout overseas. let's put blackberry aside for a sec. what about the samsung galaxy? it's a bigger phone, bigger than the apple, and they have better apps, of course, in terms of the mapping. does -- is apple -- >> they have google. david: does apple face real competition seriously from samsung? >> sure, because samsong follows the strategy of multiple phones rather than just one or in the case of apple, two sizes or form factors as the nerds like to say so, yes, absolutely app -- apple is faces competition from samsung. for a long period of time, apple
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had the field to itself. that's not the case anymore. you can see that as a cup half full or empty perspective. apple still has the potential to be the leader, to make a ton of money, to expand a in new countries and so on, but they have to share the stage with samsung, and maybe microsoft, know kia -- nokia and blackberry. liz: you can't laugh, but hewlitt-packard bought them a year ago, they didn't make any changes, but megawhitman says we're going a smart phone when we're ready to present something that's presentive. could hp could give us a run for the money? are you laughing? >> not only did they not do anything with the web os software they bought, but they shut it down. they came out with a nice looking tablet, but it was not a fully formed business proposition. here's how i interpret what she
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told you. we'll do something when we're ready means they are anticipating what the next generation of this thing is and then come out with something. they are complete cooked on the current generation of these types of things. they are nowhere. liz: they change every five minutes and obsolete. showing in my hand is the charger, a new charger. your old charger will not work on the iphone, and as we move it over, you can see it's so much smaller than the ones that everybody has already for their ipads and iphones. does that annoy anybody? i would be annoyed the old chargers don't work. >> yeah. it annoys me by ipad 1 is not eligible for the ios6, but this is typical apple, how they have always done it, annoying people on the way, and the people respond by buying more apple
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products. liz: okay, thank you so much. david: after sliding for four straight days, oil seeing a pop today ending in the green as tensions continue to escalate overseas. it the bull market in oil about to pick up again? liz: plus, gloves coming off, two top economists duke it out in the street fight, and well-known bear, harry, is turning a little bull herb. it's -- bullish. it's true. we'll explain that coming up. david: wow. ♪
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liz: it was tripped off last week and it was a wild ride this week for oil.
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despite ending the slightly higher today on the back of a stronger dollar crude continued its tumble which started friday, falling 6% this week. david: but with protests overseas spreading and turning violent will this week's bearish sentiment short-lived? andy lipow is president of lipow oil associates. he is a touchstone for what is going to be happening in the oil markets. we are privilege ledged and pleased to see him here today. good to see you, andy. some said be careful, folks may have deja vu. remember the oil embargo of the 1970s? didn't happen. we had spreading middle east violence. oil came down 6%. none of these problems over in the middle east have really after faefcted the kingdoms, saudi arabia, the oil emirates. if that begins to happen, after all the wahhabi started in saudi arabia. so it could happen. if that does are all bets off on what happens to oil? >> well i think that is a possibility. what you have to watch is
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whether the oil supply would actually be disrupted. in all these countries what they have in common they have to sell their oil to satisfy the budgets in order to satisfy their social programs. liz: okay. but, let's just say that for now, even with escalating violence, and we had a map made earlier this week with all of the riots and still brought the price down. we were at $100 a barrel on friday. do we see that in the near future? or do we continue to move lower? >> well i think there's going to be more bearish pressure on the price of oil. i see at least crude oil inventories continuing to rise. the saudis came out this week and said that they're going to continue with our higher rates of production in order to satisfy the market. we're seeing that with their contracts in asia and elsewhere. they believe that a brent price over $100 is still too high. david: let's talk, for just a second, about what happened on monday. because on monday we had that 20-minute period which still hasn't been fully
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explained where oil dropped 3% in 20 minutes. i'm wondering if some insider somewhere in the world, maybe even one of these oil princes, who had inventory notes that nobody else had, got rich as a result of what happened in those 20 minutes? is that a possibility? >> well it is always a possibility but we saw this big move down in a three-minute period which to me says some computer-generated high frequency trading started it. then it cascaded probably with other computers kicking in as the oil price rapidly declined. david: but it continued, andy. it continued throughout the week. the decline. it wasn't something that was corrected. >> well to me that is signal that the market sentiment actually changed because we saw the market really, really long the previous week on the back of enthusiasm from the quantitative easing, not only here but statements from other banks around the world. and i think the market sentiment simply has changed. we haven't seen a supply
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disruption out of the middle east despite the demonstrations, and in addition i think the economy is going to grow much slower than people expect. and that is going to really mitigate oil growth. liz: andy, before we let you go, why the disconnect between crude oil prices, which have continued pretty much until this last week going higher, then started to fall, the disconnect with gasoline? rbob prices keep going up. but we've got crude moving lower. why? >> well the fact is that oil inventories are rising. meanwhile refiners are having problems turning that oil into products because they're having unit problems, hurricane isaac. we still had lingering effects for refineries on the gulf coast. if you can't turn that crude into gasoline, the price of the gas goes up. in fact gasoline inventories in the country are 7% lower than this time last year. david: andy lipow, lipow oil associates president. andy, great stuff. thank you very much. appreciate it. >> thanks for having me.
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liz: time for a quick speed read of the day's other headlines, five stories, one minute. wal-mart planning to hire more than 50,000 seasonal workers for the holiday season. the world's largest retailer said it will give current workers the chance to work more hours. general motors recalling $374,000 due to a gear shift problem. affects chevy malibu and possibility yak g6 and saturn aura sedans from 2006 to 2010. honda looking to aims to sell three million cars in japan and u.s. and europe another three million in emerging markets. medicare resip sqents saving billions on prescriptions. report by the department of health and human services medicare patients $4.5 billion on prescriptions because of new health care law. google shutting down its music service in china due to disappointing response from users. the service will close october 19th. that with time to spare is
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today's speed read. david: good stuff. oh, man. liz: finally. [buzzer] david: by the way gold ended at 1776. i just happened to notice that. liz: good year. david: that's a good year. seems to be the ceiling right now. all right a man known for his bearish sentiment beginning to turnbullish. if you know what harry dent has been saying for the past year or so, kind of scares the bejesus out of you but he may be changing his tune. he will tell us why he see as little upside in the economy in today's street fight. liz: republican presidential nominee mitt romney's tax returns are finally out. we have details on them next on "after the bell" [ male announcer ] wouldn't it be nice if there was an easier,
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liz: republican presidential nominee mitt romney releasing details on his tax returns ahead of the election. david: fox business's peter barnes is live in washington with the numbers. peter. >> yeah, and ahead of the debates coming up in october? okay, the romneys released and filed their federal income tax returns for 2011 today. they filed for an extension back in the spring due to the complexity of their returns. 379 pages for the federal filing. the romneys earned $13.7 million in 2011 in mostly investment income as they have previously reported. they paid 1.9 million in taxes. their effective tax rate for 2011 was 14.1%. they also donated $4 million to charity in 2011, amounting to nearly 30% of their income but they only claimed 5 million of the charitable contributions. because governor romney said in january he paid at least
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13% in income taxes over the last decade and had the romneys deducted the full 4 million they would have paid less than that. they also released a notarized letter from their accountants, pricewaterhousecoopers, on their tax rates for 20 years, from 1990 to 2009. over the entire 20 year period their average annual effective federal tax rate was 20.2%. the lowest annual effective federal personal tax rate they say was 13.6. they also gave 13.4 of their income to charity over that period and total federal and state taxes owed plus their charitable donations, deducted, represented about 38% of their total income. david and liz. liz: peter barnes, thank you very much. david? david: well a slew of economic data is due out next week after a mix of positive and negative news recently. what should we expect? time for a street fight, for
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our short-term bull, uber-bear, author of, the great crash ahead, ceo of hs dent, harry dent. our short-term bear is senior economist. jeff cleveland. gentlemen, great to see you. harry, we've been talking about for years. sometimes you scare the heck out of me with some of your forecasts that will come. i can't argue with the reasons why you say bad times could be ahead but short term, you have become a bull. why? >> well, again you can't fight the fed when they come out this strong. we've got an epic battle, demographic trends are very poor in the next decade. debt is overhanging our economy especially private levels far more than anybody knows. this is causing downward pressures. but central banks and federal reserve if particular keeps responding with greater and greater doses of stimulus and they just gave the markets more than they expect the. so the markets will likely trend up for the next several months. upside is very limited.
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we see at most 1580, to 1600 on the s&p. 14,600 to 15,000 on the dow, slight new highs. gold could go to 2000 but we think that's it. every stimulus plan had lessee febt, lasted less long. when the stimulus wears off and fundamental trend kick in i think we'll see a bigger downturn next year. but i think right now stocks are more up than down. david: important to put a fine point. short term, next couple months will be positive but long term won't work, just like it hasn't worked in japan. they have been trying low interest thing for 20 years. >> two decade. david: jeff, you think the fed move could hurt. how? >> oh absolutely. i think markets may go higher because the market, particularly equity markets seems to think there is some connection between the size of the fed's balance sheet and job creation and i see no such connection. i'm not sure there is one. so to the extent that the markets got overenthusiastic, got caught up in a sugar
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rush i think they're dual for a pullback, particularly equities. david: why are you, jeff, are you bullish long term unlike harry? >> i think we are going through the aftermath here in the u.s. of a bank run, a run on the financial system, and david, we've had these throughout history, particularly the last 200 years of financial history, and they are a problem. they do cause disarray. we find out a lot of people, entrepreneurs, homeowners, regulators, they made mistakes they made errors. but through time, four or five years, we correct those errors then we move on. i'm really optimistic for the u.s. long run. because, where does the growth come from, david? it comes from ideas, it comes from trade, it comes from innovation. david: right. >> i think we have more of that going on than 10 years ago, 20 years ago than certainly 50 years ago, david. david: even a republican is talking bad stuff with trade, certainly with regard to china. but, harry, we've been hearing a lot about housing recently.
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getting mixed signals. homebuilders, we had hovnanian here. ara is very bullish. he is not a pollyannaish kind of guy. he was very bearish on housing. now he is bullish but you say the housing recovery is somewhat artificial. how so? >> well, again, the fed stopped it. we've got record low interest rates, artificially induced. of course housing will get some bounce. this is a dead-cat bounce if you have ever seen one in any market. japan did the same thing. major decline in housing. it bounced slightly for a few years then went back to new lows. we've got to get back to prebubble levels which is another 30% down in most markets on average. less than some. more in others of the this is not over. this is where i disagree with jeff. we don't get through a crisis like this until you deleveraged the debt bubble that caused all the excesses. we've seen government debt go up 6 trillion. private debt go down 4 trillion. we have way more to go in debt deleveraging. when i see 10 to $20 trillion of debt deleverage
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in the private system then i say we're ready to go. david: no matter who is elected in november they will have to deal with the debt overhang. very quick, i've been give one question by my producer but one quick one to both of you, your best thing to invest in right now, but harry dent, what is it? >> you know, frankly the u.s. dollar. it has been knocked down by the euro going up lately. u.s. dollar is ultimate flight to safety in a downturn ahead. david: jeff, what about you? >> i think you do not bet against human ingenuity. we had a very famous demographer in history, that said the power of population would overwhelm the earth's ability to provide demand. david: he was wrong. >> after that, 200 years the most prosperous period in human history. i think we might be on the cusp of the same thing. look globally. though. not domestic or developed world where we have a lot of debt problems. look globally. david:. malthi u.s. was dead wrong
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and he is dead. thank you gentlemen for the debate. have a good weekend. liz? liz: our quest is very much alive when we're looking for alternative invests for you. we have the ceo of a company that is helping investors rev up their portfolio by buying vintage cars, exotic vehicles. wait until you hear the returns his customers are getting. stay tuned. ♪ male announcer ] you want family dinner to be special. dad, we want pizza. you guys said tacos. [ female announcer ] it doesn't always work out that way. you know what? we're spending too much money on eating out anyway. honey, come look at this. [ female announcer ] my money map from wells fargo is a free online tool that helps you track your spending. so instead of having to deal with a tight budget, you could have a tighter family. ♪ wells fargo. together we'll go far.
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david: well the days of putting coins in a slot machine for a chance to win a jackpot may be coming to an end. liz: one gaming company is betting on a more emerse sieve experience for gamblers. our very own jeff flock in chicago with the future of these things, wms industries. jeff? >> i've got one of them here. does this look like your father's slot machine? i don't think so. liz: no. >> it is totally interactive. it is all touch-screen. pretty amazing. "wizard of oz" game. we have another one over here. this is called the spider-man game. this is first time they're
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seen anywhere on television. this is the spider-man game. look at the chair. this is one of the heads of development for the company. this is a chair that actually moves. you don't even have to be drunk to be moving on a slot machine chair these days. i've got the president of the company with me here. orin, these games, huge for you. innovation drives you. >> it really does. we've been able to take the greatest content from some of the great games and put them in other channels of distribution as interactive as well. >> i want to talk about interactive. we put the stock board up. you have been a beaten down last year. you've been a lot on interactive. other gaming stocks have had bigger run-ups. but you're poised for a big run-up? >> we think so. we're exploring different channels not only wagering sites but games like jackpot party. >> this is on facebook, jackpot party. you can play this on facebook. you don't win money. >> this is play for fun site but has the social variety of a facebook type game.
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>> you're already, if we get approval on gaming online in the u.s. and you do it already in other countries, you're ready to go? in fact we were licensed yesterday for nevada gaming commission for poker license in flaeved which is the first step toward legal gaming across the united states. >> when that takes off you will be taken off. >> we have high hopes for that because we're doing well in other places outside the u.s.. >> the president of wms industries. a lot of exciting stuff out here. they have more than 100 new games they're introducing at big gaming show that comes up next month in las vegas, where else. david: if the stock is beaten down, buy the stock when it's low. look like it has potential. jeff flock, thank you very much. liz: diversify your portfolio? how about maybe investing in vintage or exotic cars? we have the ceo of a company making very big money on these. you've got to hear this story next. ♪ . hey! did you know that honey nut cheerios
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liz: investor are always looking for new ways to make money. we're trying to help you find new ways. we found one ceo who has a
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brand new strategy he says could produce an average of 17% in returns per year. not bad. do we believe it? here is charles bronson. the ceo of boulevard boater company, with the idea. basically it is investing in vintage and exotic vehicles? >> not so much exotic and vintage and antique cars. we're looking at top 2500 cars of all time. when you compare the vast number of cars produced over many different countries, many different companies, and all over the world we're talking about millions and millions of cars. we've cooked them down to the top 2500 cars of all time. and that's what i'm interested in, investing in and putting a pool of fund together and to acquire as many of those as we can. liz: let's get to the concept of putting together a fund which what you say could be really wonderful returns. the fund would look like what? what would be in it? >> it would be broken down into number of segments. we have early cars up to 1905. 5% of the fund will be
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weighted early transitional cars. basically when we moved from horse and carriage to early modes of transportation. next segment is early prewar classics duisenbergs, prewar alphas. postwar collectibles including postwar things. liz: value of some of these is more than $750,000 per vehicle. they're obviously very vintage, correct? nobody would own the actual car but own a piece in the fund and you would trade the cars? >> exactly. would be wouldn't own apple today but a chunk of apple depending on what your investment in apple is. liz: here is ferrari. this is another fer rayry. 1963 gto. you have the capital to do this because your party started the business. >> that's correct. liz: you're a real ends period of time. does it matter if they don't drive? >> i do drive them. i was in the olympia mountains and took a $3.5
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million car on a trip through europe. liz: how do people get involved if they believe this is better return than the s&p 500, which of by the way since 1967 has returned much less than 17%, about 7%. >> we'll not be as liquid. it will be a lockup fun like the fine art fund launched in england in '74. we'll have a great number of people involved in vetting the cars. liz: will there be a minimum amount of investment? >> we're still working to determine the bottom amount for minor investment. liz: what is the best car in it right now that will be in it? >> probably a racing ss mercedes. liz: which is valued at what? i think we have a picture of that? >> somewhere in the neighborhood of $20 million. liz: $20 million. when did you acquire it. how did you act require it? >> something we're waiting to acquire. that's why we're waiting for funds to go after the gtos, short base ferraris, high door long tail and mercedes. the idea is the best of the best.
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liz: so no roles. they roll down one hill and can nard roll up the next. charles bronson,. david: we have the numbers that could move the markets next week including the number one report to watch. also the bikini-clad models. you don't want to miss that. that is coming up next on "after the bell."
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FOX Business After the Bell
FOX Business September 21, 2012 4:00pm-5:00pm EDT

News/Business. Stock market updates. New.

TOPIC FREQUENCY U.s. 9, Europe 9, Apple 7, S&p 6, Us 5, Google 5, China 4, Samsung 3, Scott 3, Japan 3, Lifelock 3, Harry Dent 3, United States 2, Andy 2, Charles Bronson 2, Schwab 2, David 2, Medicare 2, Wms 2, Peter Barnes 2
Network FOX Business
Duration 01:00:00
Scanned in San Francisco, CA, USA
Source Comcast Cable
Tuner Virtual Ch. 130 (Fox Business)
Video Codec mpeg2video
Audio Cocec ac3
Pixel width 704
Pixel height 480
Sponsor Internet Archive
Audio/Visual sound, color

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on 9/21/2012